morgan stanley prime property fund annual report

Discover who we are and the right opportunity for you. The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained assuming examination by tax authorities. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The Trustees noted that the Funds principal officers are personnel of the Adviser and its affiliates serve the Fund without additional compensation. This Fund is classified as an Article 8 product under the Sustainable Finance Disclosure Regulation. At a meeting of the Funds Board of Trustees on June 21, 2016 the Trustees approved the continuation of the Investment Advisory Agreement for a one-year term. 808 0 obj <>stream Ifthe management company of the relevant Fund decides to terminate its arrangement for marketing that Fund in any EEA country where it is registered for sale, it will do so in accordance with the relevant UCITS rules. We are pleased to present the Griffin Institutional Access Real Estate Funds (the Fund) annual report. endobj 322 0 obj >/Filter/FlateDecode/ID[5B1E6BB644E5214FA1B00738D0097441>]/Index[298 41]/Info 297 0 R/Length 121/Prev 378094/Root 299 0 R/Size 339/Type/XRef/W[1 3 1 . No services described in paragraphs (b) through (d) of Item 4 of this report were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. Applications for shares in the Fund should not be made without first consulting the current Prospectus and theKey Information Document (KID) orKey Investor Information Document (KIID), which are available in English and in the official language of your local jurisdiction atmorganstanleyinvestmentfunds.comor free of charge from the Registered Office of Morgan Stanley Investment Funds, European Bank and Business Centre, 6B route de Trves, L-2633 Senningerberg, R.C.S. There were no significant changes in the registrants internal control over financial reporting that occurred during the registrants last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more. Underlying Funds, if privately placed, generally are not subject to the regulatory scheme applicable to public companies. Article 8 products are those which promote environmental or social characteristics and which integrate sustainability into the investment process in a binding manner. For the year ended September 30, 2016, the Fund did not have unobservable inputs (Level 3) used in determining fair value. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Funds Net Asset Value (NAV). Global institutions, leading hedge funds and industry innovators turn to Morgan Stanley for sales, trading and market-making services. In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. Following further discussion of the Funds current and projected asset levels, expectations for growth, and levels of fees, theBoard determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by AHIC. Class C shares may be subject to a 1.00% contingent deferred sales charge on shares redeemed during the first 365 days after their purchase. gross of) investment advisory fees specifically they do not reflect a deduction for asset management fees. Without the waiver the expenses would be 2.68%, 3.43% and 2.43% for Class A, Class C and Class I, respectively. We help people, businesses and institutions build, preserve and manage wealth so they can pursue their financial goals. The registrants Code of Ethics is attached as an Exhibit hereto. An investor cannot invest directly into an index. After further review and discussion, the Board determined that AHICs practices regarding brokerage and portfolio transactions were satisfactory. Everything we do at Morgan Stanley is guided by our five core values: Do the right thing, put clients first, lead with exceptional ideas, commit to diversity and inclusion, and give back. The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. PDF Annual Report - PREDEXPREDEX In general, proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. Andrew Slimmon, lead portfolio manager of the Applied Equity Advisors suite of funds and strategies shares his TAKE -- Takeaways & Key Expectations on the financial markets. Prime Property Fund Morgan Stanley Real Estate Investing - ReadkonG Griffin Capital Securities, Inc. does not accept any liability for losses either direct or consequential caused by the use of this information. PRIME's net return for 3Q19 is 1.4% and since inception is 8.1%. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. From volatility and geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping today's markets. QUESTIONS! Trustees Consideration and Approval of Continuation of Sub-Advisory Agreement with AHIC. Adjusted for contingent deferred sales charge of 1.00%. Net increase in net assets resulting from operations, Net cash provided by financing activities, Cash & cash equivalents, beginning of year. Under the Distribution Agreement the Class C shares will pay to the Distributor a Distribution Fee that will accrue at an annual rate equal to 0.75% of the Funds average daily net assets attributable to Class C shares, payable on a quarterly basis. The Fund pursues its investment objective by strategically investing across private institutional real estate investment funds as well as a diversified set of public real estate securities. A large standard deviation implies that there have been large swings in the return series of the manager. Learn from our industry leaders about how to manage your wealth and help meet your personal financial goals. These securities and percentage allocations are only for illustrative purposes and do not constitute, and should not be construed as, investment advice or recommendations with respect to the securities or investments mentioned. hbbd```b``fA$zHvK'dV&60,+&;@w@c3"-vH`-9`WLL`4$30 0 t At Morgan Stanley, we put our beliefs to work. The filings are available upon request by calling 888-926-2688. The Funds distribution policy is to make quarterly distributions to shareholders. Morgan Stanley Inst Global Real Est L 2.65% 8.89% . Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. Insurance Asset Management. Whether its hardware, software or age-old businesses, everything today is ripe for disruption. Item 4. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. Kelly Cobb - Executive Director, Alternative Investments - LinkedIn Investor Relations | Morgan Stanley Annual Report Jul 09, 2007. Shareholders will be notified in writing of each quarterly repurchase offer and the date the repurchase offer ends (the Repurchase Request Deadline). As collateral for the lines of credit, the Fund grants the Banks a first position security interest in and lien on securities of any kind or description held by the Fund in the pledge accounts. A negative correlation of -1 indicates that the securities have moved in the opposite direction. The source for all performance and index data is Morgan Stanley Investment Management Limited. It also brings the total number of private real estate holdings to 17. Morgan Stanley Real Estate's Prime Property Fund Forms Joint Venture Our monthly Global Equity Observer shares our thoughts on world events as seen through the lens of our high quality investment process. PDF Prime Property Fund Discussion Materials - WordPress.com Reports to shareholders and printing fees, Less: Fees waived/expenses reimbursed by adviser (Note 3), Net change in unrealized appreciation on investments, NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS, NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS, Net Increase in Net Assets Resulting from Operations, Net Increase in Net Assets Derived from Beneficial Interest Transactions. Past performance is not a reliable indicator of future results. We are pleased to present the Griffin Institutional Access Real Estate Fund's (the "Fund") annual report. The Fund is now invested in 23 private and non-listed institutional real estate funds representing more than 2,600 properties in $188 billion of real estate. The Board of Trustees of the registrant has designated Mr. Ira Cohen as the registrants Audit Committee Financial Expert. 2TheFTSE Nareit (National Association of Real Estate Investment Trusts) Equity REITs Index: is a free float-adjusted market-capitalization-weighted index of tax qualified REITs listed on the New York Stock Exchange, NYSE Amex and the NASDAQ National Market Systems. A positive correlation of 1 implies that as one security moves, either up or down, the other security will move in lockstep, in the same direction. On behalf of the entire Griffin team, we thank you for your continued support. Redemption price per share may be reduced for any applicable contingent deferred sales charge. The Administrator is also reimbursed by the Fund for certain out of pocket expenses. The Fund is considered an investment company for financial reporting purposes under GAAP. Morgan Stanley Prime Property Fund. SEC.gov | HOME The business and affairs of the Fund are managed under the direction of the Trustees. In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. Class C shares may be subject to a 1.00% contingent deferred sales charge on shares redeemed during the first 365 days after their purchase. Last Annual Report . Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. We live that commitment through long-lasting partnerships, community-based delivery and engaging our best assetMorgan Stanley employees. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. %%EOF Indexes are not actively managed and do not reflect deduction for fees, expenses or taxes. The Fund elects to defer to the period ending September 30, 2017, late year ordinary losses in the amount of $9,522,584. Mr. Propper holds a Masters of Business Administration and Bachelor of Science in Finance and Real Estate from the University of Central Florida. In considering the costs of the services provided and profits realized by AHIC and its affiliates from the relationship with the Fund, the Trustees evaluated AHICs staffing, personnel, and methods of operating; the education and experience of AHICs personnel; AHICs compliance programs, policies, and procedures; the financial condition of AHIC; the level of commitment to the Fund and AHIC by the principals of AHIC; the current and projected asset levels of the Fund; and the overall expenses of the Fund, including the nature and frequency of advisory fee payments. Premier. As of the current SAI, Dr. Anderson and Mr. Propper owned no Fund shares. Investors in the Fund should understand that the net asset value (NAV) of the Fund will fluctuate, which may result in a loss of the principal amount invested. Select a trending topic or type your . Shareholder servicing fees payable (Note 3), Lines of credit interest payable (Note 6), Investment advisory fees payable (Note 3), Accumulated net realized gain on investments, Net unrealized appreciation on investments, Net asset value, and redemption price per share, Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized), Maximum offering price per share ((NAV/0.9425), based on maximum sales charge of 5.75% of the offering price), Net asset value, offering and redemption price per share. Various inputs are used in determining the value of the Funds investments as of the reporting period end. 2023Morgan Stanley. DST Systems, Inc. serves as transfer, dividend paying and shareholder servicing agent for the Fund (the Transfer Agent). In consideration of the Advisers agreement to limit the Funds expenses, the Fund has agreed to repay the Adviser in the amount of any fees waived and Fund expenses paid or absorbed, subject to the limitations that: (1) the reimbursement for fees andexpenses will be made only if payable not more than three years from the end of the fiscal year in which they were incurred; and (2) the reimbursement may not be made if it would cause the Expense Limitations to be exceeded. For more information on the differences in share classes, refer to the applicable prospectus, which can be found at: https://www.griffincapital.com/griffin-institutional-access-real-estate-fund/forms-and-literature. Past performance does not guarantee future results. All Rights Reserved. Counsel with preschool director around staff, school programs and best practices. Stay abreast of the latest trends and developments. Distribution Policy Risk. We seek attractive long-term, risk-adjusted returns by investing in publicly traded real estate securities we believe offer the best value relative to their underlying assets and earnings. Bluerock Total Income (plus) Real Estate Fund - Intervalfunds Given the amount of volatility and uncertainty surrounding the U.S. election, the United Kingdoms decision to leave the European Union (commonly referred to as Brexit) and U.S. Federal Reserve (Fed) policy this past year, we have remained overweight to private securities relative our long-term target allocation. The fund is located in New York, New York and invests in Northern California, Southern California, Chicago, South Florida, Chicago, Washington D.C., Boston and New York across the United States. The largest outstanding borrowing during the year ended September 30, 2016 relating to Credit Suisse was $149,500,000. 4. After reviewing the foregoing information and further information in the memorandum from CenterSquare (e.g., CenterSquares Form ADV and descriptions of the Advisors business and compliance program), the Board concluded that the nature, extent, and quality of the services to be provided by CenterSquare were satisfactory and adequate for the Fund. The Barclays U.S. Expert understanding and client-centric approach for insurance companies. Past performance is not a guarantee of future results. Borrowings under the BNP arrangement bear interest at the 3 month LIBOR plus 95 basis points at the time of borrowing. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. Performance data quoted is based on average annualized returns and net of fees. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The term of office for each Trustee and officer listed above will continue indefinitely. Shareholders should not assume that the source of a distribution from the Fund is net profit. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. Morgan Stanley Real Estate's Prime Property Fund (PRIME) announced today that it has acquired an interest in Safeguard Storage Properties LLC (Safeguard) in a joint venture with Safeguard's existing management team. All Rights Reserved. CERTIFIED SHAREHOLDER REPORT OF REGISTERED, (Exact name of registrant as specified in charter), (Address of principal executive offices) (Zip code), Report of Independent Registered Public Accounting Firm, Trustees Consideration and Approval of Renewal of Advisory Agreements. Standard deviation measures the average deviations of a return series from its mean, and is often used as a measure of volatility/risk. Morningside Presbyterian Preschool. The result of those repurchase offers were as follows: Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. The Fund commenced operations on June 30, 2014, and isauthorized to issue an unlimited number of shares with no par value. 6.c. S&P 500 (Stocks), The MSCI US REIT Index (Publicly Traded Real Estate). Our insightful research, advisory and investing capabilities give us unique and broad perspective on sustainability topics. The charts represent the diversification by sector and geography of the private fund holdings as of 10/3/16. The Trustees noted the Funds success in gathering assets and that its assets under management as of May 31, 2016 exceeded all but one Fund in its peer group. Prior to Bluerock, Dr. Anderson was a founding partner of Franklin Square Capital Partners, the firm that pioneered the non-traded Business Development Company. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Candice Todd is a Managing Director of Morgan Stanley and the CFO of Prime Property Fund, responsible for the Fund's capital structure and REIT compliance. We believe our greatest asset is our people. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. Any Trustee may be removed at a meeting of shareholders by a vote meeting the requirements of the Funds organizational documents. Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values. The Trustees then compared the fees and expenses of the Fund (including the management fee) to other funds comparable in terms of the type of fund, the nature of its investment strategy, and its style of investment management, among other factors. When price quotations for certain securities are not readily available, or if the available quotations are not believed to be reflective of market value by the Adviser, those securities will be valued at fair value as determined in good faith by the Valuation Committee using procedures adopted by and under the supervision of the Funds Board of Trustees (the Trustees). We value our commitment to diverse perspectives and a culture of inclusion across the firm. The Fund currently offers Class A, Class C and Class I shares. At Morgan Stanley, youll find trusted colleagues, committed mentors and a culture that values diverse perspectives, individual intellect and cross-collaboration. In considering the extent to which economies of scale would be realized as the Fund grows and whether the advisory fee levels reflect these economies of scale for benefit of the Funds investors, the Trustees considered that the Funds fee arrangements with AHIC and noted that the sub-advisory fee contained break points, which caused the Adviser to pay lower fees to AHIC based on lower asset levels. There is no guarantee that shareholders will be able to sell all of the shares they desire to sell in a quarterly repurchase offer, although each shareholder will have the right to require the Fund to purchase at least 5% of such shareholders shares in each quarterly repurchase. The CCO has responsibility for implementation and monitoring of the Advisers proxy voting policy, practices, disclosures and record keeping, including outlining voting guidelines in its procedures. Returns may increase or decrease as a result of currency fluctuations. A common method in which to determine if the Funds distributions are supported by economic returns is to examine the Funds Net Asset Value ( NAV) over the course of a year. Total returns are for the period indicated and have not been annualized. /pub/content/dam/im/json/imwebdata/im/data/misc/translation/translation.json, /pub/content/dam/im/json/imwebdata/im/data/misc/translation/aggTranslation.json. Macro and thematic insights shaping the global investment landscape. The Trustees also noted that the Adviser seeks, through this approach, to allocate between public and private real estate securities and allow the Fund to invest across a diversified set of investment managers and strategies as well as to provide investment exposure across property types and geographies. The Trustees also noted that CenterSquare seeks to invest across a diversified set of public real estate securities. Additionally, Mr. Propper serves as Vice President, Product Development of Griffin Capital Corporation, a position he has held since joining Griffin Capital Corporation in 2014. A monthly outlook for global fixed income markets, including an in-depth review of key sectors. Our board of directors and senior executives hold the belief that capital can and should benefit all of society. This dual focus for the identification of value allows us to appreciate the going concern valuation of the company as well as the liquidation value of the tangible property portfolio. In considering the extent to which economies of scale would be realized as the Fund grows and whether the advisory fee levels reflect these economies of scale for benefit of the Funds investors, the Trustees considered that the Funds fee arrangements with CenterSquare and noted that the sub-advisory fees contained break points, which caused the Adviser to pay CenterSquare lower fees at lower asset levels. 2023 PitchBook. We have strategically shifted the portfolio composition in favor of managers whom we believe are best poised to deliver outsized growth of key operating metrics. The firm currently manages $8.2 billion across a variety of real estate strategies as of December 31, 2015. 1The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. The fund is located in New York, New York and invests in Northern California, Southern California, Chicago, South Florida, Chicago, Washington D.C., Boston and New York across the United States. Interest rate shocks increased volatility for yield sensitive securities, including publicly traded real estate, higher than that of the S&P 500 throughout the year (10/1/15 9/30/16 MSCI U.S. REIT Index (RMZ) standard deviation: 19.93% vs S&P 500 standard deviation of 17.36%). Diversification does not eliminate the risk of experiencing investment losses. The Adviser supervises the investments of the Fund pursuant to an Investment Advisory Agreement. Historic figures are only a guide and may not be a reliable indicator of what may happen in the future. After reviewing AHICs and the Funds performance, and other factors, the Board concluded that the investment performance of AHIC was satisfactory. Liability Driven Investing (LDI) Customized solutions structured to fit your LDI needs. If these parties become insolvent, it may expose the fund to financial loss. The Trustees determined that the management fee and net expense ratiowere higher than some, but not all, of the comparable funds and the peer group averages. The Trustees noted that CenterSquare assists the Adviser in seeking to achieve the Funds investment objective to generate a balanced return comprised of current income and capital appreciation with moderate volatility and low correlation to the broader markets by pursuing strategically investing across private institutional real estate investment funds as well as a diversified set of public real estate securities. NIC Audit Committee Report September 2020.pdf. Top-down considerations are also incorporated into the portfolio construction process and the Team may integrate forecasted fundamental inflections, macroeconomic considerations, geopolitical and country risk assessments, among other factors. Following further consideration and discussion, the Board indicated that CenterSquares standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. 20 November 2020 Fund name: Prime Property Fund Europe Fund size: 700 million Launch date: October 2019 Morgan Stanley Real Estate Investing has raised 700 million for its Prime Property Fund Europe. The Griffin Institutional Access Real Estate Fund (the Fund) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, closed-end management investment company. The Funds Private Allocation Sub-Advisor, Aon Hewitt Investment Consulting, an Aon Company, provides investment consulting services to over 480 clients in North America with total client assets worldwide of approximately $4 trillion, including more than $3 trillion in the U.S. as of December 31, 2015. 5. If a material conflict of interest exists for the Adviser, the Legal Department will determine how to vote the Proxy. Audit Committee Financial Expert. The Fund's Class A shares commenced operations on June 30, 2014. Hear their stories and learn about how they are redefining the terms of success. The Trustees also considered the portfolio turnover rate for the Fund; the process by which evaluations are made of the overall reasonableness of commissions paid; the method and basis for selecting and evaluating the broker-dealers used; any allocation of portfolio business to persons affiliated with the Adviser; and the extent to which the Fund allocates portfolio business to broker-dealers who provide research, statistical, or other services (soft dollars). If the correlation is 0, the movements of the securities are said to have no correlation; they are completely random. Based on an evaluation of the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act), the registrants principal executive officer and principal financial officer have concluded that the registrants disclosure controls and procedures are effective as of a date within 90 days of the filing date of this report. Previously, Dr. Anderson held several senior executive positions at Bluerock Real Estate LLC., including founding partner of the Bluerock Total Income + Real Estate Fund where he was the portfolio manager. Info: 213-974-3211 | helpdesk@lacounty.gov. Class I shares are not currently subject to a shareholder services fee. The Trustees then compared the fees and expenses of the Fund (including the management fee) to other funds comparable in terms of the type of fund, the nature of its investment strategy, and its style of investment management, among other factors. 2. ALPS Fund Services, Inc. serves as the Funds administrator and accounting agent (the Administrator) and receives customary fees from the Fund for such services. Please note that not all sub-funds are available in all jurisdictions and sub-funds are not available to persons resident in jurisdictions where such distribution or availability would be contrary to local laws or regulations. We provide comprehensive workplace financial solutions for organizations and their employees, combining personalized advice with modern technology. These financial statements and financial highlights are the responsibility of the Funds management. Prime Property Fund Asia is a real estate opportunistic fund managed by Morgan Stanley. Annual net returns are provided in the Performance Notes. Past performance is not a reliable indicator of future results.

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